Sanctity and confidentiality of processes should be maintained in ongoing antitrust investigations
NEW DELHI, Sept. 17, 2024 /PRNewswire/ — Empower India, a leading think-tank, countering the call to suspend online festive sales said the government needs to create a conducive environment for sellers to make best of the occasion and for crores of Indians to shop. Any call for suspension of e-commerce sale in the country is detrimental to the small and medium enterprises (SMEs), consumers and a loss to exchequer.
The festive season in India, spanning from Onam to Durga Puja, Diwali, and Christmas, plays a pivotal role, contributing to approximately one-third of the e-commerce industry’s annual sales across various categories. Online festive sales generated close to INR 1 lakh crore in 2023, witnessing a 13% growth in gross merchandise value (GMV) during last year’s festive (September-December 2023) period, with the potential to grow at least 20% this year. According to market reports, more than 70% of Indian consumers indicate a sentiment to shop online this festive season, while more than 50% of those who intend to shop online, are willing to spend more compared to last year.
K Giri, Director General of Empower India, stated, “Festive economy contributes significantly to the growth of MSMEs who seize the opportunity to boost their sales through online platforms. The contribution of online retail market within the total retail market in India is estimated to increase to 14% by 2028, when compared to 8% in 2023. Hence, the call to ban the online festive season is wrong and such calls should not only be disposed but stringent action should be taken against the players who are trying to take India back by 10 years.”
“Indian consumers may have to bear the brunt of the leak of confidential CCI findings against online sellers, as the CCI may now have to recall its findings, as it did in the case of Apple. The timing of the leak, just before the festive season, is inopportune and seems to aid players with vested interests,” K Giri added.
India’s e-commerce industry is a vital part of the digital economy, fostering innovation, creating jobs, and helping small businesses thrive. Millions of MSMEs – including sellers, artisans and weavers, delivery, and logistics service people, and more – work with e-commerce platforms, having digitized their businesses fully. Owing to these e-commerce enablers, they have quick, efficient, and immediate access to a wide world of buyers that improves their business viability and increases their overall confidence. With the sector expected to grow to over $350 billion by 2030, it is essential to support this growth rather than hinder it.
Website: empowerindia.co.in
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